COM/STD/DAF/M(2010)1 Working Party on …COM/STD/DAF/M(2010)1 3 4. The Workshop on securitisation was attended not only by regular members of the WPFS and national experts (who are

Unclassified COM/STD/DAF/M(2010)1 Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 19-May-2011 ___________________________________________________________________________________________

English - Or. English Directorate for Financial and Enterprise Affairs Statistics Directorate

Working Party on Financial Statistics

DRAFT SUMMARY REPORT 29 November - 1 December 2010

For futher information about this document, please contact Michèle Chavoix-Mannato E-mail: [email protected]

JT03302064

Document complet disponible sur OLIS dans son format d'origine Complete document available on OLIS in its original format

CO

M/STD

/DA

F/M(2010)1

Unclassified

English - O

r. English

COM/STD/DAF/M(2010)1

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DRAFT SUMMARY REPORT

29 November – 1 December 2010

Adoption of the WPFS agenda Delegates approve the agenda with a change in the order of the session: the elections are moved to the first day.

Adoption of the minutes of the 2009 WPFS meeting Delegates approved the minutes of the 2009 WPFS meeting

Election of the Bureau The current members of the Bureau are renewed for one year with two new members elected to replace those Delegates who left the Bureau in 2010.

The new Bureau, elected at the majority, is composed of

- Beatriz Sanz, Bank of Spain - Susan Hume McIntosh, Federal Reserve - Paola de Rita, Italian Treasury - Michael Andreasch, Austrian Central Bank - Amanda Seneviratne, Australian Bureau of Statistics - Allan Tomas, Statistics Canada - Soern Brodersen, Bank of Denmark

The new Chairperson for the 2011 WPFS meeting is: Beatriz Sanz

I. METHODOLOGICAL ISSUES

1. Securitisation

1. Omar Birouk, Banque de France, summarises in a ‘Draft Report on the WPFS Workshop on Securitisation’ [COM/STD/DAF(2010)3] the main discussions and conclusions reached during the Workshop on Securitisation, held in Madrid (Spain), on 27-28 May 2010.

2. In his document ‘Korea's Compilation method for securitisation [COM/STD/DAF(2010)2]. Sung-Hwan Kim, Bank of Korea, presents the rules and actors and explains the compilation methods for securitization used in Korea.

3. In his presentation ‘Report on the BIS-ECB-IMF Handbook on Securities: debt securities holdings’ [COM/STD/DAF(2010)15], Reimund Mink of the ECB introduced the content of Part 2 of the Report, dealing with Debt Securities Holdings. Part 3 will be drafted in 2011.


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4. The Workshop on securitisation was attended not only by regular members of the WPFS and national experts (who are thanked for their participation) but also by analysts, supervisors and practitioners in the industry.

5. Omar Birouk describes the viewpoints of interveners in particular regarding the key role of certain securitization process and reports the main problems identified in the statistical field during the recent crisis. He presents the work done by statisticians in this field and their current and future role in this process. He summarizes the discussions regarding the integration of securitisation operations into the financial accounts.

6. During the discussion, Delegates express the difficulties encountered when collecting and compiling data on securitisation, for example to identify issuers, to get data on a security-by-security basis, and to treat intermediaries when securities are not identified. Delegates also expressed a need for cooperation between financial and non-financial accountants and between countries to reach agreement on comparable terminology and concepts regarding SPEs/FCVs and on the classification of these entities.

7. International Organisations (ECB, BIS and IMF) note the on-going related discussions and developments in the framework of the G20 Recommendations. They also note that even when standards exist, international comparability is not perfect: improvements are still needed, in particular regarding cross-border transactions and in consolidated groups.

8. Beatriz Sanz, Bank of Spain, makes a number of proposals to extend the work already undertaken and to improve knowledge of the process:

− A booklet containing all documents presented at the Workshop of Securitisation in Madrid (as well as elaborated PPTs) should be prepared by the OECD, in the beginning 2011. It will also include the summary record of the Workshop as well as the list of Participants.

− It is envisaged to continue to work on definitions and concepts, via electronic exchanges between countries and in cooperation with other international organizations’ experts, to establish a glossary, based on existing materials (including a preliminary list of definitions prepared in 2007-2008, and terms defined in the BIS-ECB-IMF Handbook on Securities).

− Country index cards will be completed jointly by the OECD and the Bank of Spain, based on replies to the previous surveys. They will be sent to countries to be updated (new practices ..). These cards will be made available on the OECD website.

− No data will be compiled before the ECB results are processed and their quality checked. OECD will consider the possibility of launching data collection on SPVs in the course of 2011 for non-European countries involved in securitization process, based on the experience acquired by ECB and following the new classification of the 2008 SNA. Data would be collected in the framework of the Institutional Investors’ database.

These proposals are approved by WPFS Delegates.

2. Valuation of shares and other equity in Financial Accounts

9. Michèle Chavoix-Mannato, OECD/STD, summarises, in the document ‘OECD survey on the methods of valuation of shares and other equity in Financial Accounts: summary record’ [COM/STD/DAF(2010)4], the results of the 2010 survey on the methods of valuation of shares and other equity. This document describes current methods used in countries, highlights the differences, and identifies problems which still need to be addressed.


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10. She proposes to convene a Workshop on the Valuation of Shares to further clarify and harmonize the methods used in countries to value shares and estimate unquoted shares and as a means of sharing best practices, for which there was strong support from Delegates. There was also support for the idea that the OECD Working Group on International Investment Statistics, which deals with foreign direct investment issues, were invited and for this proposed workshop to follow the model used for the Securitisation workshop. Countries were invited to volunteer to organize and host the workshop by informing the Secretariat as soon as possible.

11. In response to the presentation, Austria asks the Secretariat to make all OECD countries’ responses to the survey available, which the Secretariat agrees to. All details of the survey will be put on an Internet Site accessible to all delegates.

12. Allan Tomas, Statistics Canada, presents ‘The valuation of Equity in the Canadian System of National Accounts’ [COM/STD/DAF(2010)5]. He explains the Canadian approach and defines future work envisaged on the valuation of equity. The intent is to implement market value measures of unquoted equity in the quarterly estimates of the national Balance Sheet Accounts in the next historical revision to the Canadian System of National Accounts.

13. In response to the Canadian presentation, France explains the revision they brought to the method to value foreign direct investments in order to follow OECD recommendations. They use the capitalisation ratio approach plus 25% discount. Moreover, they now take into account all holding companies and not only 20 or 30 % of holding companies. However, Financial Accounts are not yet aligned with this new method. Consequently, there is a gap between Financial Accounts and the Balance of Payments on the value of foreign direct investments.

14. The presentation sparked a lively discussion on the various concepts used in the valuation of shares, for example the illiquidity discount applied to shares that are not traded in the case of small companies, and the impact on estimates of liabilities and assets resulting from changes in the valuation method.

II. ANALYTICAL ISSUES

1. Analysis of the financial investments of households to better assess household risk and potential vulnerabilities

15. This session deals with households’ investments in securities, directly or through mutual funds, insurance corporations and pension funds, and on the identification of the sectors which are ultimately financed by households’ savings.

16. Adeline Bachellerie and Omar Birouk, Banque de France, present the document ‘Households’ investments: The financing of economy perspective and the risk analysis perspective’ [COM/STD/DAF(2010)6]. This document analyses French Households’ savings invested in non-financial sectors directly or indirectly, through financial intermediaries, from 1995 to 2010. Two different but consistent approaches are described: the first one is based on national accounts’ data; the second uses the security-by-security database on financial intermediaries’ portfolio investments.

17. In the document ‘Households’ investments: Direct and indirectly held equity’ [COM/STD/DAF(2010)7], Susan Hume McIntosh, Federal Reserve, USA, describes the measurement and effects of changing stock market prices on household net worth. Table B.100 in the U.S. Flow of Funds Accounts gives an alternative presentation of household balance sheets which shows the complete picture of their equity exposure.


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18. In his presentation entitled ‘Households’ financial assets: how did they fare across the financial crisis?’ Dirk van der Wal, De Netherlandsche Bank, raises important issues and focuses on the following questions: Do pension funds have enough assets now? Does higher net equity mean that households became richer? Are you “richer” when you live longer? He underlines the necessity to rather look at the financial situation of agencies that invest in collective savings for retirement than focus only on household balance sheets.

19. Massimo Coletta and Riccardo De Bonis, Banca d’Italia, present ‘An analysis of the real assets of households in Italy and in other OECD countries’. They concentrate on the comparison across OECD countries of households’ real wealth and net worth relative to disposable income and underline the need for OECD countries to clarify some methodological issues.

20. Delegates agree on the importance of having timely and detailed data on households’ savings invested directly or indirectly through financial intermediaries to better measure their risk exposure and to better identify sectors which are ultimately financed by households’ savings.

21. Some countries underline the difficulties in breaking down financial instruments by type of risk in practice, and the need for clearer classifications and definitions. In particular, the ECB reminds the definition of “equity” and recommends using a standard definition and terminology.

22. Countries are also invited to compile long series so that international comparisons can be done.

23. The IMF suggests future statistical developments to fill the gaps noticed in the framework of the G20: to compile “who-to-whom” accounts, to focus on other financial intermediaries as they connect savers with debtors, and to work on the concept of ultimate investor (owner).

24. As a conclusion, it is confirmed that this challenging issue would remain on the work program of the WPFS for the foreseeable future. It is also recommended that the focus of the work covers not only the Households' sector but also financial intermediaries.

2. Micro-macro statistics: micro-macro linkages and analysis in the framework of the household sector

25. National experts are invited to share their experience in the domain of micro-macro linkages regarding households’ data.

26. Michael Andreasch, Osterreichische Nationalbank (OeNB), presents a paper, ‘Holdings of equity by households in Austria derived from register data’ [COM/STD/DAF(2010)9], which describes an Austrian study on Austrian Households’ business equity holdings. Based on several assumptions, they arrive at additional findings about the overall distribution (using socioeconomic characteristics) of financial wealth in Austria and the important role business equity plays in households’ and private foundations’ overall financial wealth.

27. Susan Hume McIntosh, US Federal Reserve, in her document ‘Recent work by the New York FED on household debt using credit bureau data’ [COM/STD/DAF(2010)10], gives an overview of the NY Federal Reserve Bank staff’s construction of a micro data set on household debt based on data from a large credit bureau. She explains how the FED compiles macro data for household debt in the flow of funds accounts and looks at the micro/macro linkage of these two datasets for household mortgages and consumer credit. She highlights issues that need to be investigated regarding differences between the two datasets.


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28. Søren Brodersen, Danmarks Statistik, presents ‘A micro-macro approach to household wealth - Danish experiences’ and gives some results on the use of micro-based registers for research and analysis, for example for distribution analysis (by income, gender, age, family size, occupation etc.) and for the calculation of reliable estimates of market values for owner occupied dwellings at micro and macro level. It appears that, for co-operative dwellings, such estimates are less reliable.

29. Paul Schreyer, OECD/STD, provides information about the OECD work linked to this topic, in particular in the context of OECD interest in micro data related to business labour force surveys. He presents the initiative that STD has launched (following the decision taken by the Committee on Statistics and responding also to the G20 recommendations to provide better information on the distribution of households’ income and wealth) to develop a harmonised international method as well as guidelines for the creation of consistent households surveys, and indicates the three dimensions these surveys should focus on: income, wealth and consumption. He also informs Delegates on the creation of a Task Force to take forward this work. Its purpose is to evaluate the idea of a single investigation or a guideline on how to compile different surveys for each dimension in a coherent way. It is an open-project, which means each country manifesting interest in that work is invited to contribute. The new OECD initiative is also linked to the ECB initiative concerning the production of a survey on wealth to be shared among several EU countries.

30. In response, Allan Tomas, Statistics Canada, informs Delegates that the Bank of Canada is currently working on mortgages and consumer credit analysis, whereas Statistics Canada is working on balance sheet statistics. He adds that the Bank of Canada is using a household sample survey for the analysis of micro-macro linkages in the context of the financial stability of the household sector. Commenting the US paper, the 10% difference detected in micro-macro linkages for mortgages struck him as substantial. He points out that in the US, both micro and macro data are collected and analysed by the same agency, the Federal Reserve, and wonders if the discrepancies between micro and macro totals were biased towards low income or high income households, citing the fact that in Canada there is usually a higher non-response rate from high income individuals.

31. Allan Tomas also refers to the OECD paper (jointly presented in 2005 by Canada, USA and Italy) on households’ micro-macro linkages describing the advantages and disadvantages of each source data and raised the idea that the paper was updated.

32. Susan Hume McIntosh has no idea whether higher or lower income individuals are the major cause of the micro-macro discrepancies. She explains that FED’s intention is to look at the lenders data which are more reliable and adds that, in 2011, the FED will collaborate with the Credit Bureau. She also agrees with Allan’s proposal to update the 2005 joint paper.

III. DATA DEVELOPMENT ISSUES

1. Financial indicators

33. Isabelle Ynesta, OECD/STD, presents the document ‘Proposal by the OECD for a set of key financial indicators’ [COM/STD/DAF(2010)12] which provides a limited set of indicators based on the financial account and balance sheet data, guided by comments of WPFS delegates on the OECD 2009 proposal. The report shows possible comparisons across countries as well as different analysis of the behaviour and performance of the various institutional sectors of the economy. The Secretariat invites Delegates to provide suggestions and comments before the publication of the indicators scheduled for 2011. Delegates are also informed that indicators based on quarterly financial data would be defined and calculated once the collection of quarterly statistics will have stabilised.


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34. Delegates congratulate the OECD for its work and agree to disseminate the indicators produced by OECD. However, they make some remarks on several aspects of the work:

• Questions and suggestions about indicators:

35. Different calculation methods are suggested for some indicators and additional useful ratios (e.g. an indicator relating to Net borrowing/Net lending) are proposed.

• Comparability of indicators, related methodology and their interpretation:

36. Delegates stressed the importance of checking the indicators with those already published by other institutions ( Eurostat, ECB and IMF) or by member countries (e.g. Non-financial corporations debt-to-equity ratio, Non-financial corporations debt ratio, General government debt as a percentage of GDP etc) to ensure that any difference in definitions and concepts are clarified and well understood.

37. The point on the importance of metadata was also made in the context of methodological changes and revisions.

38. The interpretation of each indicator might be interesting, but challenging because of a lack of information and of difficulties, in some countries, to explain some specific trends and values.

• Frequency of the indicators:

39. The relevance of quarterly indicators is stressed by some countries.

40. Regarding the list of indicators the Secretariat explains that the current presentation covers only a limited number of indicators within the full list which will be considered by the OECD. Delegates are invited to send their suggestions so that they are taken into account in the final list of OECD financial indicators.

41. Regarding the inter-country comparability of the indicators, the Secretariat reminds Delegates that the indicators are based on all OECD countries’ financial account and balance sheet data which member countries regularly provide to the OECD (as well as to Eurostat), according to SNA/ESA, and that notes on deviations will be added if necessary. It also stresses the interest of calculating, publishing and comparing, not only EU countries’ indicators (as done by the ECB or Eurostat), but also non-European countries’ indicators.

42. Giuseppe Cinquegrana, ISTAT, presents ‘Debt and net financial wealth: a comparative analysis for the European countries’ [COM/STD/DAF(2010)11]. The aim of the paper is to propose some financial indicators to assess the financial interrelation and intermediation, as well as the debt and net financial wealth for the private non-financial sector and the household sector in some European countries. The study compares the ratios of countries where the financial system is characterised by either the bank-oriented or market-oriented models.

43. The Spanish delegate explains that the Net Financial Interrelation Ratio for Spain differs from that in other European countries because shares are calculated using a different method. He also highlights the importance of harmonizing indicators based on estimation using different methods and of providing users with supplementary information on methods to avoid misunderstanding.


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44. The following actions are approved:

− Delegates agree that OECD disseminate the financial indicators with the necessary metadata and that member countries report specific information about the data to enhance the comparability of indicators across countries.

− Delegates are invited to send their comments or suggestions about the OECD proposal of a list of key financial indicators so that the Secretariat can establish the final list in 2011.

2. Accession and Enhanced Engagement Countries

45. Deepak Mathur, Reserve Bank of India, presents ‘Changing profile of household credit & deposit in Indian banking system’ [COM/STD/DAF(2010)8]. After a description of the Indian banking system, he describes a shift in the profile of households’ credits and deposits from 1999 to 2009 in terms of their share in credits and deposits of banks, as well as some characteristics of their credits and deposits. Although the household sector has consistently increased its share of credits and deposits in banks in India over this period, it remains little if one considers the population growth during the same period.

46. Daniel Fano, Abhishek Gon and Belen Zinni, University of Rome ‘Tor Vergata’, Italy, present ‘Financial accounts for Argentina, Brazil, China, India and Indonesia within the SNA standards: issues and challenges’ [COM/STD/DAF(2010)13]. The purpose of this paper is to outline the progress in the implementation of the financial accounts in Argentina, Brazil, China, India and Indonesia. In addition, the authors propose different sources of official and non-official data with ranking and assessment, based on the SNA 1993 and 2008 SNA standards, and construct financial accounts by estimating missing data.

47. The delegate from Austria notes that some useful international sources relating to debt securities and debt equity could be found in the Coordinated Portfolio Investment Survey of the IMF, and in BIS’s database. He also points out that information about the flow of funds of these countries is not detailed enough to make any analysis on these economies.

48. The document ‘Chinese financial statistics’ [Room document No 1] written by Liiyuan Wang, People's Bank of China, who was not able to participate in the OECD meeting, is disseminated to Delegates. The paper introduces flow of funds account in China, the compilation method and its analysis.

IV. OTHER ISSUES

1. Information relating to the CMF activities linked to financial statistics

49. This session is included in the agenda

− as a follow-up of the In-depth evaluation of the Committee on Financial Markets (CMF), which is the parent body of the Working party on Financial Statistics: indeed this evaluation contains a recommendation for an enhanced coordination of the CMF with its constituent bodies, the WPFS and the WPDM;

− to take into accounts Delegates’ comments on the 2011-2012 Programme of Work, which state that efforts should be made by the WPFS to enhance coordination with its parent body, the CMF, and with its collateral Working Party, the WPDM.


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50. Gert Wehinger, OECD/DAFE, from the Directorate for Financial and Enterprise Affairs, informs WPFS Delegates of the activities of the CMF. He summarizes the main discussions which took place during the last CMF meeting (6-8 October 2010) and reports some of the highlights:

− the financial Roundtable and tour d’horizon discussed sovereign debt challenges for banking systems and bond markets; countries concerned underlined that adjustment measures taken in response to the sovereign debt crisis seem to be showing positive effects;

− a Policy Dialogue on Financial markets with Southeast Asia confirmed the new proactive CMF outreach strategy; follow-up co-operation with ASEAN and the Asian Development Bank (ADB) is planned;

− the CMF expressed support for statistical work conducted by WPFS and will consult with officials in Capitals regarding the viability of the Bank Profitability database and whether the governance arrangements for the WPFS should allow for more input from the Statistics Committee;

− the CMF agreed on three new structural priorities: growth, society/individuals and ageing.

51. In addition, Hans Blommestein, OECD/DAFE, reports on the October meeting of the Working Party on Debt Management (WPDM) [DAF/MC/DM/M(2010)3]. In order to improve the relevance of the Central Government Debt statistics that are managed by the Statistics Directorate (STD), the WPDM suggested

− to collect information on the General Government (S13) in addition to the Central Government (S1311) currently covered;

− to include statistics on liquidity measures and on the use of derivatives by debt managers: most Governments are ready to provide this information;

− to cover non-Member countries.

52. It is planned to put together a Task Force with voluntary experts from countries, from DAFE and from STD to see whether it is realistic and if resources can be found.

53. Delegates welcome the presentation of the main activities of the CMF and its other sub-Group, the WPDM, and take note of the main conclusions of their last meetings in October 2010.

2. Information relating to the OECD dissemination

54. Trevor Fletcher, OECD/STD/SIMS, in his PowerPoint presentation, ‘Accessing OECD statistics with OECD.Stat’, explains to WPFS Delegates how to access OECD.Stat Extract, the freely available OECD statistical website, which contains a limited part of each of the various statistical databases maintained by OECD, and shows how to select data and build tables to be further downloaded.

3. Programme of work 2011-2012

55. Michèle Chavoix-Mannato, OECD/STD, presents the main objectives of the WPFS and the activities for the next Biennium 2011-2012 ‘Programme of Work of the WPFS for the biennium 2011-2012’ [COM/STD/DAF(2010)14]. The list of activities relating to the main objectives has been established on the basis of priorities determined by Delegates and in discussions at both the CMF and the CSTAT, and takes into account the gaps that the recent crisis has highlighted and the limited resources allocated to financial statistics.

56. In this context, it is proposed to focus on SNA related databases (Financial accounts, Households’ assets and liabilities and Institutional Investors’ statistics), to improve the timeliness and


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frequency of these data, to calculate relevant and comparable indicators and fill some statistical and methodological gaps.

57. The consequence of this orientation is the provisory suspension of the management of the Bank Profitability database until additional resources can be found.

58. It is intended to pursue the work on securitisation, in particular by preparing a glossary of main terms and concepts on the basis of existing materials (including the BIS-ECB-IMF Handbook on Securities) and on the harmonisation of methods for the valuation of shares. Moreover, clarification of statistical and methodological concepts relating to pension funds will be undertaken, taking into account current work carried out at OECD and in other International Organisations.

59. During the next Biennium’s WPFS meetings, countries will continue to share their practices regarding the use of micro data and their link to macro data and will have the opportunity to exchange information and experiences on challenges such as the ageing population and its consequences on financial statistics.

60. Finally, the WPFS will be involved in the integration of statistics of a number of accession countries, enhanced engagement countries and other G20 countries, which constitutes an important priority for the OECD.

61. In order to improve its results, the WPFS will organise one or two Workshops during the next two years. In particular, the implementation of the 2008 SNA will raise a number of issues, such as the delineation of sectors, in particular the new financial sub-sectors, the Government sector and public financial and non-financial corporations, and also the precise definition and methods to value financial instruments: deep discussions between experts to better understand the new classification and to solve some of these issues would help to implement the 2008 SNA.

62. Delegates are invited to discuss activities to be undertaken during the next two years and to agree on the final list. They are also invited to take note of the problem of resources, which has led to the suspension of the collection and dissemination of Bank Profitability statistics, and to communicate with their colleagues in the CMF to find solutions. Italy underlined the importance of the Bank Profitability statistics which are necessary for banks’ profit and loss accounts.

63. Delegates approve the final list of activities and welcome the proposal of two workshops in 2011-2012 jointly organised by an OECD member country and the Secretariat:

• Workshop on the implementation of the 2008 SNA: Austria proposes two items for discussion:

The new sector delineation within the financial corporations’ sector and exchanges between the government sector and the public corporations’ sector;

The recording of borderline cases between debt securities, financial derivatives as well as standardised guarantees.

• Workshop on the valuation of shares:

64. The ECB mentions a priority which is not on the list: the consolidation concept on accrual basis. Canada proposes to put financial accounts issues on the UN Research Agenda and to enhance the non-financial assets collection.


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65. As a conclusion, the following decisions are taken:

• The Secretariat will work on a glossary on securitisation concepts, so that it can be presented at the next 2011 WPFS meeting;

• A space on the OECD web site dedicated to methodological issues, in particular to results of methodological surveys (e.g. valuation of shares) will be created and opened to delegates;

• A workshop on the 2008 SNA implementation will be organised in 2011;

• A session on pension statistics will be put on the agenda of the 2011 WPFS meeting in order to make sure that this activity lines up with other OECD activities on private pensions.

• Bank Profitability statistics is suspended until additional resources are found.

• A dialogue with CSTAT and CMF delegates should be established to decide on the governance of the WPFS and to solve the problem of financial resources allocated to financial statistics activities.


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COMMON DAY WPFS-WPNA

I. NATIONAL ACCOUNTS IMPLICATIONS OF THE FINANCIAL CRISIS

66. Several documents are presented to the WPFS and WPNA Delegates for discussion:

− ‘Recording government actions taken in response to the global financial crisis in the national accounts’ [STD/CSTAT/WPNA(2010)1], by Nadim Ahmad, OECD/STD

− ‘Quarterly statistics in OECD databases: Report on the availability and timeliness of quarterly data’, by Jiemin Guo and Michèle Chavoix-Mannato, OECD/STD

− ‘OECD Households’ Assets and Liabilities table 7HAL - a progress report on data collection and future perspectives’, by Federico Giovannelli, OECD/STD

− ‘Preliminary results of the Chilean project on Institutional Quarterly Accounts, with a special emphasis on the effects of the recent crisis’ [COM/STD/DAF(2010)16], by Josué Pérez/Carmen Gloria Escobar, Central bank of Chile.

67. Riccardo De Bonis, Bank of Italy, makes three comments on the quarterly statistics presentation for which he congratulates the Secretariat:

− He welcomes the fact that the ECB has agreed to transmit the European Quarterly Sector Accounts data to the OECD, as this avoided double transmissions.

− He notes that, even if there are indeed some inconsistencies between annual and quarterly data, in his opinion, these differences are negligible and users should not care about them. OECD should concentrate on Eurostat data for annual analysis and on ECB data for the quarterly ones.

− Concerning the difficulties in receiving data from some countries, he cited the example of Japan whose website reports the Quarterly Financial Accounts data that are easily downloadable. This is to say that the figures can also be found on the Central Banks or NSOs websites, even though countries should be encouraged to transmit data directly to the OECD.

68. Michael Andreasch, Osterreichische Nationalbank, agrees on letting the OECD publish the quarterly financial account data once the country has given its authorisation to the ECB. At the same time he stresses the importance of publishing the same data both at the national and at the international organisations level. He also asks whether, for quarterly data, OECD means ‘real’ quarterly data or a ‘cumulated moving four quarters sum’ (that is particularly used by Eurostat in the production of quarterly indicators).

69. Manik Shrestha, IMF, explains that the IMF strongly supports the development and dissemination of Sector Balance Sheets more broadly and at a global level and stressed the importance of the work in the context of the G20 recommendations. He exposes three main points:

− First, all data users and all international organisations are now putting emphasis on the communication and dissemination of statistics. It follows that if data are available, efforts are needed in order to disseminate them and in the better way.


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− Second, the work on the Sector Balance Sheets and Sector Accounts, more generally speaking, is one of the G20 recommendations in response to the data gap initiative rising from the current global crisis.

− Third, there is a need to integrate all the already available sector statistics in order to enhance data quality, to allow to fill the data gaps and to analyse the interconnectedness within the sectors and with the Rest of the World.

70. Andreas Hertkorn, ECB, confirms that the financial data provided to the ECB by EU countries and flagged as ‘free for publication’ will be made available to Eurostat and to the OECD. He also adds that quarterly financial data are consistent with the annual Financial Accounts.

71. He encourages the missing EU countries to transmit the data through the ECB, in particular the EU non-Euro Area countries, and he announces that some investment will be done in order to check data quality and availability for these countries.

72. To reply to the Italian Delegate, he finally points out that the possibility of extracting data from NSOs or Central Banks websites was not always trivial.

73. Michèle Chavoix-Mannato, OECD/STD, hopes the OECD will be successful in gathering the quarterly financial accounts data from ECB and, like the ECB, she encourages the EU non-Euro Area countries to transmit their data to the ECB.

74. Concerning the non-EU countries, she asks, in particular Japan, to send their data directly to the OECD as soon as they are available.

75. She assures that the OECD will do its utmost to meet the G20 recommendations, but at the same time, she, as the IMF, urges countries to make efforts to compile and disseminate quarterly financial accounts.

76. Jiemin Guo, OECD/STD, in the context of the non-financial quarterly sector accounts project, underlines the need of a much more co-ordinated and integrated work between countries and international organisations and strongly encourages all OECD member countries to provide their available data to the OECD.

77. Giuseppe Cinquegrana, ISTAT, comments on the issue of the seasonal adjustment of non-financial accounts, which represents an important topic in particular in the context of the financial crisis, and stresses the difficulties that have been encountered to seasonally adjust some series, as for example dividends or interests, because of their high volatility. ISTAT hopes other institutions will succeed in solving this type of problems, as ISTAT did.

II. THE 2008 SNA - IMPLEMENTATION, ANALYTICAL, DATA AND CONCEPTUAL ISSUES

1. Implementing the 2008 SNA

78. Amanda Seneviratne, Australian Bureau of Statistics (ABS), in her presentation on the ‘Implementation of SNA 2008 in the Financial Accounts: The Australian Experience’ [COM/STD/DAF(2010)17], describes the main changes brought to the Australian National Accounts in implementing the 2008 SNA in 2009, in particular those associated with the Financial Accounts, including some of the conceptual and practical issues faced by the ABS. The Australian Delegate outlines the planning process undertaken by the ABS including discussion of the issues around data collection as well as specification of systems.


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79. Min Woo KIM, Bank of Korea, presents the ‘Roadmap for the implementation of 2008 SNA in Korea’ which contains five milestones, including internal organisational changes and cooperation with other international organisations. The full implementation will be completed by 2014.

80. In other countries, the work is in progress, such as in New Zealand, where a special budget has been allocated for a similar work, and in Austria, which however states that the data quality is a major concern for the implementation of financial statistics in 2008 SNA.

2. Accounting for pensions: Pension Satellite Accounts

81. In his presentation ‘The Canadian Pension Satellite Account (PSA)’ [COM/STD/DAF(2010)18], Allan Tomas, Statistics Canada, outlines the three tiers of pension saving schemes in Canada and their treatment in the Canadian System of National Accounts (CSNA), and presents the structure as well as some results of the relatively new PSA. He also discusses some issues related to the full implementation of the proposed treatment of accounting for pension contributions and pension schemes in 2008 SNA, as part of the upcoming historical revision to the CSNA.

82. In ’Progress Report on Compiling 2008 SNA Table 17.10 for Australia’ [COM/STD/DAF(2010)17], Amanda Seneviratne, ABS, describes the issues faced by the ABS in populating the 2008 System of National Accounts (SNA) table 17.10, “Supplementary table on pension schemes in social insurance”. She also asks questions about social assistance, requests clarification on the term 'Sponsor' with regards to public sector corporations, and raises the issue on imputing contributions with regards to 'contribution holidays'.

III. BALANCE SHEETS

1. Flow of funds (including capital account) and balance sheet accounts

83. Michael Andreasch, Oesterreichische Nationalbank, presents the document ‘Integrated presentation and analysis of sector accounts data in Austria’ [COM/STD/DAF(2010)20].

84. In response to follow-up questions, he invites delegates to refer to the complete document which gives more information on who-to-whom matrix at a disaggregated level for financial accounts and offers to provide to interested delegates, by e-mail, the link to the website where the “Pajek software” used for the study can be freely downloaded.

85. Murat Tanriseven, Netherlands Statistics (CBS), presents the methods and results for compiling non-financial balance sheets in the Netherlands in ‘Measuring stocks of non-financial assets by sector and net worth’ [STD/CSTAT/WPNA(2010)2].

86. Italy and Denmark raise some issues that arise when separating land and buildings. Ole Berner, Danmarks Statistik, also stresses the risks of negative land values when land underlying building is derived as a residual, especially when the depreciated value of buildings, which does not reflect the actual market value, is used. He states a preference for not using depreciated values of buildings and expresses the need to define some convention on how to make the split properly. Canada emphasises the importance of the valuation of land and dwellings and recommends that the topic be the subject of follow-up work.

2. OECD/IMF Conference

87. Manik Shrestha, IMF, presents an ‘Update on the IMF-OECD Conference on Strengthening Sectoral Position and Flow Data in the Macroeconomic Accounts’ [COM/STD/DAF(2010)21] that will be


15

held from 28 February to 2 March 2011 in Washington D.C. Among the topics planned on the agenda, the establishment of a minimum set of sectoral position and flow data will be essential, including relative priorities. Dissemination and international co-operation issues will also be addressed.

88. Reimund Mink, ECB, informs on ‘The ECB's contribution to the OECD-IMF Conference on quarterly sector accounts’ [COM/STD/DAF(2010)22]. In particular, the ECB will emphasise the need to consider data on non-bank financial institutions as a particular priority.

IV. CONCLUSIONS OF THE WPFS MEETING AND PROPOSALS FOR 2011

89. As a consequence of the crisis and to take into account the G20 recommendations, WPFS and OECD have to deal with new demands.

90. In this context, it is reminded that the resources allocated to the Financial Statistics Unit of the Statistics Directorate are limited (part of the time of the Head of Section plus 2 1/5 of B staff members) and that this Unit is not only responsible for financial statistics, under the auspices of the WPFS, but also for statistics on the Central Government Debt, under the auspices of the WPDM, sub-body of the CMF, and that the resources devoted to this latter activity correspond to 2 ½ months of a B staff.

91. To be able to meet the new needs, the WPFS will focus on SNA related databases (Financial accounts and Balance sheets, Households’ assets and liabilities and Institutional Investors’ statistics) and on the collection of quarterly data, in close co-operation with Eurostat and ECB for the EU countries.

92. As a result of this new orientation, and because of a lack of resources in the Financial Statistics Unit, the WPFS agrees to provisionally suspend the management of the Bank Profitability database.

93. The OECD Secretariat will calculate and publish relevant indicators based on data provided by OECD countries in the framework of the SNA, to ensure comparability. They will be accompanied by methodological information to facilitate their understanding and use.

94. To continue to fill methodological gaps in the domain of financial statistics, the work on securitisation will be pursued by the compilation of a glossary of main terms and concepts on the basis of existing materials (including the BIS-ECB-IMF Handbook on Securities). Moreover, country sheets with methodological information will be drafted on the basis of replies to previous surveys: they will be sent to countries for further updating and will be made available to WPFS Delegates on a website especially devoted to WPFS activities.

95. Information collected on the methods of valuation of shares (quoted and unquoted) and on investment fund shares will be put on the same WPFS website.

96. Because the implementation of the 2008 SNA is raising a number of issues for most OECD countries, WPFS Delegates agree on the organisation of a Workshop on the Delineation of Sectors, in particular the Financial and Government sectors and sub-sectors, and on the concepts of new financial instruments, including derivatives, as well as on the organisation of a Workshop on the Valuation of Shares, to better understand the new classification and to reach greater comparability between countries.

97. During the next Biennium, in the framework of its objective of a better harmonisation and clarification of statistical and methodological concepts, sessions on pension funds, taking into account current work carried out at OECD and in other International Organisations, will be included in the agenda of the next WPFS meetings.


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98. Countries will continue to share their practices regarding the use of micro data and their link to macro data, in particular for the Household sector, and will have the opportunity to exchange information and experiences on challenges such as the ageing population and its consequences on financial statistics.

99. Finally, the OECD Secretariat will be involved in the integration of financial statistics of Russia, an accession country, of five enhanced engagement countries (EE5) and of two other G20 countries (Argentina and Saudi Arabia), which constitutes an important priority for the OECD.


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Participants list for Working Party on Financial Statistics & Working Party on National Accounts

29/11/2010 - 1/12/2010

Australia Mr. Michael DAVIES Acting Division Head Macroeconomics & Integration Division Australian Bureau of Statistics (ABS) ABS House, 45 Benjamin Way ACT 2616 Belconnen

Tel: +61 2 6252 6035 Fax: +61 2 6252 8045 Email: [email protected]

Ms. Amanda SENEVIRATNE Director Financial Balance Sheets and Improvements Section Australian Bureau of Statistics ABS House, 45 Benjamin Way ACT 2616 Belconnen

Tel: +61 2 6252 5338 Email: [email protected]

Austria Mr. Michael ANDREASCH

Senior Expert External Statistics & Financial Accounts Division Oesterreichische Nationalbank Otto Wagner Platz 3 1090 Vienna


Mrs. Ursula HAVEL Head, National Accounts Division Directorate for Macro-Economic Statistics Statistics Austria Guglgasse 13 1110 Vienna

Tel: +43 1 71128 / 7648 Fax: +43 1 714 62 52 Email: [email protected]

Belgium Mr. Didier GOSSET

Chef de service statistique financière Banque Nationale de Belgique Boulevard de Berlaimont 14 1000 Brussels



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Canada Mr. Art RIDGEWAY

Director-General System of National Accounts Statistics Canada 100 Tunney's Pasture Driveway R.H. Coats Building - Floor 22 O K1A 0T6 Ottawa

Tel: +1 613 951 0439 Fax: + 1 613 951 9031 Email: [email protected]

Mr. Allan TOMAS Chief, Financial & Wealth Accounts Statistics Canada Income and Expenditure Accounts RH Coats - Floor 21 G 100 Tunney's Pasture Driveway K1A OT6 Ottawa

Tel: +1 (613) 951-9277 Fax: +1 (613) 951-3618 Email: [email protected]

Ms. Marie-France CHOUINARD Programme Support Analyst Permanent Delegation of Canada to the OECD 15 bis, rue de Franqueville 75116 Paris France

Tel: +33 1 44 43 20 16 Fax: +33 1 44 43 20 95 Email: [email protected]

Chile Mrs. Carmen Gloria ESCOBAR JOFRÉ

Head of National Accounts Department Central Bank of Chile Morandé 115. 1st Floor Santiago

Tel: +56 2 670 28 43 Fax: +56 2 670 2419 Email: [email protected]

Mr. Josué PÉREZ TOLEDO Senior Economist National Accounts Department Central Bank of Chile Morandé 115, 1st Floor Santiago


Czech Republic Ms. Ivona MATOUSOVA

Economic and Financial Counsellor - Third secretary Permanent Delegation 40, Rue de Boulainvilliers 75016 Paris France



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Czech Republic Mr. Jan HELLER

Director Department of Quarterly National Accounts Czech Statistical Office Na Padesatem 81 100 82 Prague 10


Mr. Ivan MATALIK Director Monetary Analyses and Public Finance Department Czech National Bank Na prikope 28 115 03 Prague 1

Tel: 00 420 2 2441 2123 Fax: 00 420 2 2441 2329 Email: [email protected]

Ms. Ivana NOVOSADOVA Expert, Annual National Accounts Departement Czech Statistical Office Na padesatem 81 100 82 Prague 10


Denmark Mr. Ole BERNER

Head, National Accounts Division Economic Statistics Statistics Denmark 11, Sejroegade 2100 Copenhagen


Mr. Søren BRODERSEN Head, National Accounts & Public Finance Division Statistics Denmark Sejroegade 11 DK-2100 Copenhagen


Ms. Agnethe CHRISTENSEN Head of Section, Economist Statistics Danmarks National Bank Havnegade 5 DK-1093 Copenhagen K

Tel: +45 3363 6849 Email: [email protected]

Mrs. Carina Kjersgaard FRIIS Head of section, Economist Statistics Danmarks Nationalbank Havnegade 5 DK-1093 Copenhagen K



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Denmark Mr. Timmi Rølle GRAVERSEN

Deputy head of division National Accounts Statistics Denmark Sejrøgade 11 DK-2100 Copenhagen


Mrs. Katja MOLLER HJELVANG Senior Adviser Statistics Denmark Sejrøgade 11 DK-2100 Copenhagen


Estonia Mrs. Piret ANTON

Financial Accounts Methodologists Financial Sector Statistics Division Bank of Estonia 13, Estonia pst. 15095 Tallinn

Tel: +372 668 0893 Fax: +372 668 0899 Email: [email protected]

Mr. Tonu MERTSINA Head of National Accounts Service Statistics Esnonia 15 Endla Street 15174 Tallinn

Email: [email protected]

Ms. Agnes NAARITS Head of General Government and Financial Sector statistics Department General Government and Financial Sector Statistics Statistics Estonia 15 Endla Str. 15174 Tallinn


Finland Mrs. Eeva HAMUNEN

Senior Advisor Statistics Finland Työpajakatu 13 00022 Statistics Finland


Ms. Paula KOISTINEN-JOKINIEMI Head of Financial Statistics Statistics Finland Työpajakatu 13 00022 Statistics Finland



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Finland Mr. Risto SUOMELA

Economist, Financial Accounts Statistics Department Bank of Finland P.O. Box 160 00101 Helsinki

Tel: +358 9 183 2414 Fax: +358-9-183 2227 Email: [email protected]

France Mlle. Adeline BACHELLERIE

Direction Générale des Statistiques Banque de France SESOF 75049 Paris Cedex 01

Email: bachellerie.adeline@ banque-france.fr

M. Omar BIROUK Direction Générale des Statistiques Banque de France SAS2I 47 2521 DSMF SAS2I 75049 Paris Cedex 01

Tel: +33 1 42 97 79 42 Email: [email protected]

Mme Anne-Sophie BORIE-TESSIER Service des Etudes Juridiques Commission Bancaire 23, rue de Richelieu 75002 Paris

Tel: 331 42 92 42 92 Fax: 331 42 92 66 23 Email: [email protected]

M. Benoît BOURGES Banque de France 47-1421 DESM - SESOF 75049 Paris Cedex 01


Mlle Emilie CRÉTÉ Banque de France SESOF 47 - 1421 75049 Paris Cedex 01


M. Frédéric DELAMARRE Direction Générale des Statistiques Banque de France SESOF 75049 Paris Cedex 01


M. Bruno LONGET DGS/DSMF Banque de France SESOF 47 - 1421 75049 Paris Cedex 01

Tel: +1 42 92 20 30 Email: [email protected]


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France Mme Kloé MASSELIER

DGS-DSMF-SAS2I Banque de France 47 2521 DSMF SAS2I 75049 Paris Cedex 01

Tel: +33 1 42 92 45 20 Email: [email protected]

M. Christian PFISTER Direction Générale des Etudes Banque de France - DGEI 39, rue Croix-des-Petits-Champs 75049 Paris Cedex 01


M. Franck SEDILLOT Direction Générale des Statistiques Banque de France SESOF 75049 Paris Cedex 01


Mme Sylvie STROBBE Direction Générale des Statistiques Banque de France SESOF 47 - 1421 75049 Paris Cedex 01


Germany Mr. Albert BRAAKMANN

Head of Division National Income, General Government, External Economic Transaction Division German Federal Statistical Office Gustav-Stresemann-Ring 11 D-65180 Wiesbaden

Tel: +49 611 75 25 29 Fax: +49 611 75 39 52 Email: [email protected]

Mr. Wolfgang EICHMANN Head of Section National Accounts Department Statistisches Bundesamt Gustav-Stresemann-Ring 11 D-65180 Wiesbaden


Dr. Christoph KIMMEL Expert Statistics Department, International Money and Banking Statistics Bundesbank Wilhelm-Epstein-Str. 14 D-60431 Frankfurt



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Germany Ms. Winona KUHLES

First Secretary (Financial and Tax Policy Advisor) Permanent Delegation 9, rue Maspéro 75116 Paris France


Dr. Manuel RUPPRECHT Desk Officer (Economics Department, Monetary Policy and Analysis) Economics Bundesbank Wilhelm-Epstein-Str. 14 D-60431 Frankfurt


Ms. Katja SCHMIDT First Secretary; Economic Advisor Permanent Delegation 9, RUE MASPERO 75116 Paris France


Greece Mr. Dionysios NIKOLAOU

Statistics Department Bank of Greece 21 E. Venizelou Avenue 102 50 Athens

Tel: +30 210 320 3817 Fax: +30 210 3231752 Email: [email protected]

Hungary Ms. Gizella CSONKA

Deputy Head of Department Public Finance Statistics and Methodology Division, Budget and Financial Policy Department Ministry for National Economy József nádor tér 2-4 H-1051 Budapest


Mr. Péter TÓTH Economic and Financial Counsellor Permanent Delegation 140, avenue Victor-Hugo 75116 Paris France



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Hungary Mr. István BEDEKOVICS

Deputy Director National Accounts Department Hungarian Central Statistical Office (HCSO) Keleti Károly utca 5-7 H-1525 Budapest


Ms. Béla SIMON Head of Financial Accounts Division Central Bank of Hungary Szabadság tér 8-9 H-1054 Budapest


Mr. Péter SZABO Director National Accounts Department Hungarian Central Statistical Office Keleti K. u. 5-7. H-1024 Budapest


Iceland Mr. Stefan JANSEN

Head, National Accounts Economic Statistic Statistics Iceland Borgartun 21a 150 Reykjavik


Ireland Mr. Michael CONNOLLY

Senior Statistician National Accounts Division Central Statistics Office Ardee Road Rathmines Dublin 6


Ms. Mary CUSSEN Economist Statistics Department Central Bank & Financial Services Authority of Ireland 3 Upper Mayor Street Spencer Dock P.O. Box 11517 Dublin 1



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Ireland Mr. Derek STYNES

Statistician Central Statistics Office Ardee Road Dublin 6

Tel: +353(1) 498 4303 Email: [email protected]

Israel Ms. Noemi FRISH-TZAHMAN

Director Capital Formation, National Balance Sheets & Financial Accounts Sector Central Bureau of Statistics (CBS) 66 Kanfei NesharimCorner Bachi St. 91342 Jerusalem


Mr. Avigdor LEVY Senior Economist, Client Relation & Methodology Section Information & Statistics Department Bank of Israel P.O. Box 780 91007 Jerusalem


Mr. Oz SHIMONY Senior Director, National Accounts Sector Macro-economics Central Bureau of Statistics (CBS) 66 Kanfei Nesharim St. 91464 Jerusalem


Italy Mr. Federico GIAMMUSSO

Economic Counsellor Permanent Delegation 50, rue de Varenne 75007 Paris France

Tel: +33 1 44 39 21 57 Fax: + 33 1 42 84 08 59 Email: [email protected]

Mr. Giuseppe CINQUEGRANA National Accounts Direction Via Agostino Depretis 74b 00184 Rome



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Italy Mr. Massimo COLETTA

Financial Accounts Section Bank of Italy Economic & Financial Statistics Dept. VIA NAZIONALE 91 00184 Rome


Mr. Riccardo DE BONIS Head of Money & Financial Statistics Division Economic & Financial Statistics Department Banca d'Italia Via Nazionale 91 00184 Rome


Ms. Paola DE RITA Department of Treasury Ministry of Economy and Finance Via XX Settembre, 97 00187 Rome

Tel: + 39 06 47614746 Fax: +39 06 47613352 Email: [email protected]

Mr. Daniele FANO Head of Economic research Strategy and Business Development Pioneer Global Asset Management Via Alessandro Specchi, 16 00186 Rome


Mr. Abhishek GON University of Rome Tor Vergata Via Tuscolana 1500 00186 Rome


Miss Maria Giulia SENTIMENTI trainee Permanent Delegation of Italy to the O.E.C.D. 50, rue de Varenne 75007 Paris France


Miss Maria Belen ZINNI Economics University of Rome Tor Vergata Via Tuscolana 1500 00186 Rome



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Japan Mr. Kosuke SUZUKI

Deputy Director Research and Coordination Division Cabinet Office Department of National Accounts 3-1-1, Kasumigaseki , Chiyoda-ku 100-8970 Tokyo


Mr. Susumu KUWAHARA Research Fellow Economic and Social Research Institute Cabinet Office 3-1-1, Kasumigaseki Chiyoda-ku 100-8970 Tokyo


Mr. Yoshihiro SHIBATA Representative in Paris Paris Office Bank of Japan 17, Avenue George V 75008 Paris France


Mr. Masayuki SHIMIZU Head of Financial Statistics Group Research and Statistics Department Bank of Japan 2-1-1 Hongoku, cho Nihonbashi, Chuo-Ku 103-8660 Tokyo


Korea Mr. Won Seok SEO

Attaché CSTAT, EDRC Permanent Delegation 4 Place de la Porte de Passy 75016 Paris France


Mr. Min Woo KIM Economist Bank of Korea (BOK) national Account Office 110, 3 Ga Namdaemun Ro Jung Gu 100-794 100-794 Seoul



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Korea Mr. Sung Hwan KIM

Econimic Statistics Department Bank of Korea (BOK) 110, 3 Ga Namdaemun Ro Jung Gu 100 794 Seoul


Mr. Kyung Sam MIN Economist / Deputy Director Short-term Industry Statistics Division Statistics Korea (KOSTAT) Economic Satistics Bureau 139 Seonsa street, Seo-gu 302-701 Daejeon


Mr. Youn Young PARK Assistant Director Regional Economic Statistics Statistics Korea (KOSTAT) Economic Statistics Building III, Government Complex Daejeon 139 Seonsaro, Seo-gu 302-701 Daejeon


Luxembourg Mr. Charles-Henri DIMARIA

National Accounts - Unité C1 STATEC Centre Administratif Pierre Werner 13, rue Erasme B.P. L-2013 Luxembourg


M. John HAAS Head of National Accounts Unité C1 STATEC Centre Administratif Pierre Werner 13, rue Erasme 1468 Luxembourg


Mexico Ms. Blanca VILLALÓN

Third Secretary PGC, CSTAT, CSTP, ICCP Permanent Delegation 8, rue de Berri 1st floor 75008 Paris France



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Mexico Mr. Francisco GUILLEN MARTIN

Deputy Director National Accounts INEGI Av. Patriotismo 711, Edificio de Patriotismo Torre C nivel 7 Col. San Juan Mixcoac 3730 Mexico D.F.

Tel: +52.55.5278.1000 (ext. 1036, 1102) Email: [email protected]

Netherlands Mr. Bram DE BOO

Head section Financial Institutions, Markets & rest of the World National Accounts Department Statistics Netherlands (CBS) Henri Faasdreef 312 P.O. Box 24500 2490 HA The Hague


Mr. Murat TANRISEVEN Researcher on intelelctual property products National Accounts Department Statistics Netherlands (CBS) P.O. Box 24500 2490 HA The Hague


Mr. Jeroen TEMMINK Project Manager National Accounts Department Statistics Netherlands P.O. Box 24500 2490 HA The Hague


Mr. Dirk VAN DER WAL Statistics & Information Department De Nederlandsche Bank Postbus 98 NL-1000 AB Amsterdam


New Zealand Mr. Graham HOWARD

Senior Statistical Analyst Economics Department Reserve Bank of New Zealand 2 The Terrace PO Box 2498 Wellington

Tel: +64 (4) 471 3728 Email: [email protected]


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New Zealand Ms. Rachael MILICICH

Head, National Accounts Division Statistics New Zealand Statistics House P.O. box 2922 The Boulevard, Harbour Quays Wellington


Norway Mme Ann Lisbet BRATHAUG

Head of Division for National Accounts Statistics Norway Kongens gt. 6 P.O. Box 8131 Dep. N-0033 Oslo


Ms. Marit SAND Compilation of the Financial Accounts in Norway Kongens gt. 6 0033 Oslo


Poland Mr. Maciej SZCZYKUTOWICZ

Chief Specialist, Financial Accounts Section Statistics Department National Bank of Poland UI. Swietokrzyska 11/21 00-919 Warsaw


Ms. Zofia WNUK Head of the Unit National Accounts Division Central Statistical Office al. Niepodleglosci 208 00-925 Warsaw


Portugal Mr. Carlos Manuel COIMBRA

Head of National Accounts Department Instituto Nacional de Estatistica Av. Antonio Jose de Almeida 5 1000 Lisboa


Mrs. Olga MONTEIRO Banco de Portugal Av. Almirante Reis, 71 1150-012 Lisboa



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Slovak Republic Ms. Dana CZIKOOVA

Statistical Department MoF SR Stefanovicova 5 817 82 Bratislava 15


Mr. Jan SEMAN Head of Section on Financial Accounts Statistics and IT Support Statistics Department National Bank of Slovakia Imricha Karvasa 1 813 25 Bratislava

Tel: +421257872680 Email: [email protected]

Slovenia Mr. Andrej FLAJS

Statistical Office of the Republic of Slovenia Vozarski pot 12 SI-1000 Ljubljana


Ms. Sasa KOVACIC Financial Statistics Bank of Slovenia Slovenska 35 1505 Ljubljana


Spain Mr. Alfredo CRISTÓBAL

Director of National Accounts Department Institut National de Statistique (INE) Paseo de la Castellana 183 28046 Madrid


Mr. Miguel Ángel MENENDEZ Head of Financial Statistics Division Statistics Department Bank of Spain Alcala 522 28027 Madrid


Ms. Beatriz SANZ Associate Director Statistics Department Banco de Espana Alcala 48 28027 Madrid



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Sweden Ms. Marianne BILJER

Senior Adviser, Macroeconomic and prices department National account Statistics Sweden (Statistika Centralbyran) National Accounts Unit Box 24 300 104 51 Stockholm


Mr. Per ERICSON Senior Advisor National Accounts Statistics Sweden Karlavägen 100 Box 24300 Stockholm


Mr. Nicolai NYSTRAND Statistics Sweden Box 24300 104 51 Stockholm


Ms. Anna OSCARSSON National accounts Unit Statistics Sweden Box 24 300 104 51 Stockholm


Switzerland Mr. Jürg BÄRLOCHER

Advisor Statistics Department Swiss National Bank Börsenstrasse 15 8022 Zurich


M. Dario FLOREY Economist, section comptes nationaux comptabilité national Office fédérale de la statistique Espace de l'Europe 10 2010 Neuchatel


M. Philippe KÜTTEL Chef de section Comptes Nationaux Office Fédéral de la Statistique Espace de l'Europe 10 2010 Neuchatel



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Switzerland Ms. Regula BLINDENBACHER

Première secrétaire Swiss Delegation to the OECD 28, rue de Martignac 75007 Paris France

Turkey Ms. Dilek OZSOY

Expert National Accounts Department State Institute of Statistics TUIK Necatibey cad. No. 114 Bakanliklar 06100 Ankara

Tel: (90 312) 425 35 82 Fax: (90 312) 425 06 14 Email: [email protected]

Mr. Mete SAAT Treasury Expert General Directorate of Public Finance Undersecretariat of Treasury Basbakanlik Hazine Mustesarligi Inonu Bulvari - Emek 06510 Ankara


Ms. Arzu TOPKAYA Expert Central Bank of Turkey Ulus 06100 Ankara


Ms. Nilufer TURAN Head of Department General Directorate of Public Finance Undersecretariat of Treasury Basbakanlik Hazine Mustesarligi Inonu Bulvari - Emek 06510 Ankara


United Kingdom Jacqui JONES

Assistant Deputy Director Business Indicators and Balance of Payments Office for National Statistics (ONS) Room 2.001, Government Buildings, Cardiff Road, Newport, Gwent NP10 8XG Wales



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United Kingdom Miss Anjli SHAH

Analyst Money and Credit Group Bank of England Threadneedle Street EC2R 8AH London


United States Ms. Nicholle MANZ

Economics and Finance Advisor Permanent Delegation 12, avenue Raphael 75116 Paris France


Ms. Susan Hume McINTOSH Senior Economist, Flow-of-Funds Section Division of Research and Statistics US Board of Governors of the Federal Reserve System 20551 Washington

Tel: +1.202.452.3484 Fax: +1.202.728.5889 Email: [email protected]

Mr. Brent MOULTON Associate Director for National Economic Accounts Bureau of Economic Analysis US Department of Commerce 1441 L Street, N.W. 20230 Washington


EU Mr. Ismael AHAMDANECH ZARCO

Government and Sector Accounts European Commission - Eurostat Bech Building Alphonse Weicker, 5 L-2920 Luxembourg Luxembourg


Mr. Leonidas AKRITIDIS European Commission - Eurostat Bech Building Alphonse Weicker, 5 2920 Luxembourg Luxembourg



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EU Mr. Andreas HERTKORN

Senior Economist-Statistician European Central Bank Euro Area Accounts aznd Economic Statistics Division Kaiserstrasse 29 D-60066 Frankfurt Germany


Mr. Francis MALHERBE European Commission Batiment Jean Monnet 5, rue Alphonse Weiker L-2721 Luxembourg Luxembourg


Mr. Reimund MINK Senior Advisor European Central Bank (ECB) Kaiserstrasse 29 D-60311 Frankfurt Germany


Russian Federation

Ms. Anna KARAMYSHEVA Chief Economist General Economic Department Central Bank of the Russian Federation 12, Neglinnaya Street Moscow 107016

Tel: + 7 495 771 47 66 Email: [email protected]

Ms. Elena LUZHKOVA Chief Economist Department of International Financial and Economic Relations Central Bank of Russian Federation 12, Neglinnaya Street 107016 Moscou


Ms. Irina MASAKOVA Economist ROSSTAT Myasnitskaya Str., 39/1 107450 Moscow



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Russian Federation

Mr. Andrey TATARINOV Director Department for National Accounts ROSSTAT 39, Myasnitskaya Street 107450 Moscow

Tel: +7 (495) 607 4256 Fax: +7 (495) 607 2435 Email: [email protected]

India M. Deepak MATHUR

Assistant Advisor Statistical Analysis and Computer Services Reserve Bank of India C-8/9, Bandra-Kurla Complex PO Box 8128 Bandra (East) 400 051 Mumbai


People’s Republic of China

Mr. Liiyuan WANG Deputy Director Financial Survey and Statistics People's Bank of China 32 Chengfang street, Xicheng District, Beijing - 100800


Bank for International Settlements (BIS)

M. Christian DEMBIERMONT Head of Data Bank Services and Secretariat Monetary Economic Department Bank for International Settlements (BIS) Centralbahnplatz 2 Basel Switzerland


Mr. Paul VAN DEN BERGH Head of Information, Statistics and Administration Monetary & Economic Department Bank for International Settlements (BIS) Centralbahnplatz 2 CH-4002 Basel Switzerland

Tel: +41.61.280.8432 (direct) Fax: +41.61.280.9100 Email: [email protected]


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International Monetary Fund (IMF)

Mr. Manik SHRESTHA Deputy Chief, Real Sector Division Statistics Department International Monetary Fund (IMF) 700 19th Street, N.W. 20431 Washington United States


UN Economic Commission for Europe (UNECE)

Mrs. Tihomira DIMOVA Economic Statistics Section UNECE Statistical Division UNECE Palais des Nations Office C.414 CH-1211 Geneva 10 Switzerland


United Nations Mr. Herman SMITH

2 UN Plaza DC2 1516 United Nation 10017 New York United States


OECD/OCDE Mr. Nadim AHMAD

Head of Section STD/NAD OECD Annexe Delta 7080 2 rue André-Pascal 75016 Paris France

Tel: +(33-1) 45 24 88 47 Email: [email protected]

Mr. Hans BLOMMESTEIN Financial & Capital Markets DAF/FIN OECD Marshall Building 2337 2 rue André-Pascal 75016 Paris France



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OECD/OCDE Mme Michèle CHAVOIX-MANNATO

Head of Section STD/NAD OECD Annexe Delta 7054 2 rue André-Pascal 75016 Paris France


Mr. Trevor FLETCHER Head of Division STD/SIMS OECD Annexe Delta 7033 2 rue André-Pascal 75016 Paris France


Mr. Federico GIOVANNELLI Statistician (Financial Statistics & QNA) STD/NAD OECD Annexe Delta 8010 2 rue André-Pascal 75016 Paris France


Mr. Jiemin GUO Head of Unit (Quarterly national Accounts) STD/NAD OECD Annexe Delta 7056 2 rue André-Pascal 75016 Paris France


Mr. Paul SCHREYER Head of Division / Deputy Director STD/NAD OECD Annexe Delta 8072 2 rue André-Pascal 75016 Paris France



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OECD/OCDE Mr. Gert WEHINGER

Economist DAF/FIN OECD Marshall Building 3032 2 rue André-Pascal 75016 Paris France


Mme Isabelle YNESTA Statistician (Financial Statistics) STD/NAD OECD Annexe Delta 7066 2 rue André-Pascal 75016 Paris France


Documents

COM/STD/DAF/M(2010)1 Working Party on …COM/STD/DAF/M(2010)1 3 4. The Workshop on securitisation was attended not only by regular members of the WPFS and national experts (who are